Pirelli says to exit Mediobanca shareholder pact

MILAN (Reuters) - Tyremaker Pirelli, which is preparing to re-list on the Milan bourse after it was acquired by state-owned China National Chemical, said on Tuesday it would exit a shareholder pact linking key investors in investment bank Mediobanca.

The move means Pirelli, a long-time investor of Mediobanca and once a key player of Italy’s so-called “salotto buono” - a club of investors controlling big companies through a web of cross-shareholdings - will be able to sell its 1.79 percent stake in Mediobanca should it wish to do so.

Mediobanca’s shareholder pact comes up for renewal at the end of this year.